With only a week to go to submit the Self Assessment Tax Return for 2015 online filers must be going bonkers checking what can and cannot be allowed as a claim to offset against their tax bills.
Here are the top five attempts at making an 'expense' claim from 2014:
1. Work, Rest, Play with Mars-a-day?
Could I claim the cost of storing the Mars Bars in a fridge? The answer was no.
Could I claim the cost of flip flops to ease the walk between the work changing and shower room? The answer was no.
Could I claim the cost of an intimate waxing? (What kind of work would this be required 'wholly and exclusively'?). The answer was again no.
4. Second hand car or walk?
Could I claim the cost of a second hand car to drive from home to work? For a permanent place of work this is not allowed.
5. Furniture for my new flat?
Unless the flat is being used only as a place of work otherwise the answer is no.
In fairness, the list of allowable expenses is pretty long and rules differ for expenses generated through self employment and expenses incurred during paid employment. The general rule to help whittle down receipts when beginning to sort through cost claims is to ask whether the expense was 'wholly and exclusively' incurred for the business or employment.
To help make the process a bit simpler, we have put together an online tax relief and expenses calculator to put the rules and categories in one place as well as give a fast estimate on potential decreases in tax liability. The calculator will also figure out things like fuel and capital allowances. Give it a try by clicking here.